• Accounting

    XBRL Conversion

Packages

Corporate entities holding shares are obligated to prepare and submit their Financial Statements to ACRA in the required XBRL format for compliance purposes.

Our packages are designed to help your company handle the conversion of your Financial Statements into XBRL format.

From S$500

Per conversion (full set of Financial Statement in XBRL Format)

Both “a la carte” and “packaged” pricings are available on demand to better fit with your evolving corporate needs.

Please note that we reserve the right to modify prices and relevant terms without prior notice – if deemed necessary by market conditions.

What is Included in this Package

Services Included:

  • 1-time Preparation of Financial Statement in XBRL Format (Financial Highlights or Full set of Financial Statement)

Package Suitability

Legal Requirement

In Singapore, the legal requirement for using XBRL (eXtensible Business Reporting Language) is mandated by the Accounting and Corporate Regulatory Authority (ACRA).

Publicly listed companies, as well as certain private companies, are required to submit their financial statements in XBRL format as part of their regulatory filings to ACRA.

Process of Corporate Bookkeeping

The process of using XBRL in Singapore involves converting financial statements into XBRL format using appropriate software or tools that are fully compatible with ACRA’s filing requirements.

After conversion, the XBRL files are submitted electronically through ACRA’s secure online filing system, BizFinx. 

Penalties for not Using XBRL

Failure to submit financial statements in XBRL format as required by ACRA can result in fines or penalties imposed by the authorities.

The penalties may vary depending on the specific circumstances and the extent of non-compliance.

Commonly Asked Questions

Process:

what is XBRL?

XBRL stands for eXtensible Business Reporting Language.

It is a global standard for the electronic exchange of business and financial data.

XBRL enables the standardized representation of financial statements and other business reports, making it easier for organizations to prepare, analyze, and exchange financial information digitally.

XBRL in Singapore

ACRA introduced the requirement for Singapore companies to submit their financial statements in XBRL format starting from 1 November 2007.

This move is aimed at simplifying business operations in Singapore, enhancing regulatory transparency, and facilitating quicker dissemination of financial information.

Who must use XBRL filing?

In Singapore, companies that are required to file financial statements with ACRA must use XBRL (eXtensible Business Reporting Language) for their filings.

This requirement applies to all companies, including foreign companies and branches, unless they meet specific exemptions or are filing under special circumstances.

Exempted from FS Filing FS in PDF Format FS Highlights in XBRL Full set of FS in XBRL Format
Unlimited or Limited Companies by shares Yes Yes
Solvent exempt private companies (EPCs) Yes Highly Recommended
Insolvent EP Yes
Companies limited by guarantee or Foreign Companies Yes

What are the advantages of preparing XBRL voluntarily?

One of the key advantages of XBRL filing is the access to Free Data Analysis through ACRA’s financials portal, BizFinx.

Company Officers (Directors or Secretaries) can utilize the BizFinx Portal to generate this free analysis within 30 days after filing their Annual Return (AR) form with a complete set of financial statements in XBRL format. This allows them to benchmark their financial performance against peers, improve financial analytics, understand industry trends for informed decision-making, and easily compare and share data across subsidiaries or different divisions despite using different accounting systems, thanks to XBRL’s unified platform.

INQUIRY FORM

–

ACCOUNTING 

(XBRL Conversion)

Please complete the Inquiry Form below to receive tailored assistance for your business operations and corporate needs from BESO.

Our team of experienced advisors will promptly reach out to you.

Thank you for your interest!

BESO Corporate Services PTE LTD

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